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Royal Bank of Canada
Symbol RY
Shares Issued 1,444,328,969
Close 2013-04-29 C$ 60.64
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RBC sues former Kelowna adviser Macdonald

2013-04-30 13:26 ET - Street Wire

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by Mike Caswell

RBC Dominion Securities Inc. has filed a lawsuit in the Supreme Court of British Columbia against a former junior adviser for taking confidential data and using it to solicit clients, including those of his former superior. The suit complains that Lance Macdonald, who worked at an RBC branch in Kelowna, sent confidential information to his personal e-mail before he resigned in March, 2013. He then joined a competing branch owned by National Bank Financial Ltd., and started an "aggressive, targeted campaign" to solicit dozens of RBC clients.

Lance Macdonald and Richard Ingram
Lance Macdonald and Richard Ingram

The allegations are contained in a notice of application that RBC filed against Mr. Macdonald and National Bank on April 26, 2013, at the Vancouver courthouse. The firm says it is suffering irreparable harm, and is asking for an injunction that would prevent Mr. Macdonald from targeting its clients.

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Ha "Irreperable Harm" what 5MM on 178MM book? Really, Irreperable, Really??? Look like they both lose.

Posted by Paprika Prince at 2013-05-01 15:27

if all it takes is a phone call or email to transfer $5.9m from RBC to NB Financial, then were those clients happy at RBC?

Posted by don juan at 2013-05-06 12:34

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